Publications

1714 publications found

• Working Paper No. 606
  August 02, 2010

  Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory

  Marc Lavoie
  Abstract

  The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even…more

  Download Working Paper No. 606 PDF (189.70 KB)
• Policy Note No. 2
  July 22, 2010

  Global Central Bank Focus

  Paul McCulley
  Abstract

  The developed world faces a cyclical deficiency of aggregate demand, the product of a liquidity trap and the paradox of thrift, in the context of headwinds born of ongoing structural…more

  Download Policy Note 2010/2 PDF (237.55 KB)
• Public Policy Brief No. 113
  July 21, 2010

  Endgame for the Euro?

  Dimitri B. Papadimitriou, L. Randall Wray, and Yeva Nersisyan
  Abstract

  Critics argue that the current crisis has exposed the profligacy of the Greek government and its citizens, who are stubbornly fighting proposed social spending cuts and refusing to live within…more

  Download Public Policy Brief No. 113, 2010 PDF (662.55 KB)
• Policy Note No. 1
  July 12, 2010

  Economic Policy for the Real World

  Charles J. Whalen
  Abstract

  The nation’s economic challenges are daunting. Restoring robust American prosperity and widespread economic opportunity will not be easy. But, as Hyman Minsky stressed, “Economic systems are not natural systems…. Policy…more

  Download Policy Note 2010/1 PDF (168.04 KB)
• Working Paper No. 605
  June 29, 2010

  Detecting Ponzi Finance

  Abstract

  Different frameworks of analysis lead to different conceptions of financial instability and financial fragility. On one side, the static approach conceptualizes financial instability as an unfortunate byproduct of capitalism that…more

  Download Working Paper No. 605 PDF (481.27 KB)
• Public Policy Brief No. 112
  June 28, 2010

  The Great Crisis and the American Response

  James K. Galbraith
  Abstract

  Senior Scholar James K. Galbraith argues the fundamental illusion of viewing the US economy through the free-market prism of deregulation, privatization, and a benevolent government operating mainly through monetary stabilization—the…more

• Working Paper No. 604
  June 28, 2010

  Three Futures for Postcrisis Banking in the Americas

  Gary A. Dymski
  Abstract

  This would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a…more

• Public Policy Brief No. 112
  June 28, 2010

  Η μεγάλη κρίση και η αμερικανική αντίδραση

  James K. Galbraith
  Abstract

  Ο Ανώτατος Μελετητής James K. Galbraith εξετάζει κριτικά την ψευδαίσθηση του να βλέ̟πει κανείς την οικονομία των ΗΠΑ μέσα από το πρίσμα της ελεύθερης αγοράς, της α̟πορρύθμισης, των ιδιωτικο̟ποιήσεων και…more

  Download Κείμενο (Brief) Δημόσιας Πολιτικής Νο. 112, 2010 PDF (1,009.09 KB)
• Working Paper No. 603
  June 18, 2010

  Does Excessive Sovereign Debt Really Hurt Growth?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal…more

  Download Working Paper No. 603 PDF (138.23 KB)
• Working Paper No. 602
  June 11, 2010

  Fiscal Responsibility: What Exactly Does It Mean?

  Jan Kregel
  Abstract

  The use of government fiscal stimulus to support the economy in the recent economic crisis has brought increases in government deficits and increased government debt. This has produced an interest…more

  Download Working Paper No. 602 PDF (152.16 KB)
• Working Paper No. 601
  June 04, 2010

  Too Big to Fail in Financial Crisis

  Bernard Shull
  Abstract

  Regulatory forbearance and government financial support for the largest US financial companies during the crisis of 2007–09 highlighted a "too big to fail" problem that has existed for decades. As…more

  Download Working Paper No. 601 PDF (179.09 KB)
• Working Paper No. 600
  May 26, 2010

  Time and Poverty from a Developing Country Perspective

  Rania Antonopoulos and Emel Memiş
  Abstract

  This study is concerned with the measurement of poverty in the context of developing countries. We argue that poverty rankings must take into account time use dimensions of paid and…more

  Download Working Paper No. 600 PDF (272.38 KB)
• One-Pager No. 3
  May 20, 2010

  “The Spectre of Banking”

  Martin Mayer
  Abstract

  A year and a half after the collapse in the financial markets, the debate about necessary “reforms” is still in its early stages, and none of the debaters seriously claims…more

  Download One-Pager No. 3 PDF (129.50 KB)
• One-Pager No. 2
  May 19, 2010

  Reforms Without Politicians

  Jan Kregel
  Abstract

  Congress is currently debating new regulations for financial institutions in an effort to avoid a repeat of the recent crisis that brought the banking system to the brink. Some of…more

  Download One-Pager No. 2 PDF (131.39 KB)
• Working Paper No. 599
  May 18, 2010

  Racial Preferences in a Small Urban Housing Market

  Sanjaya DeSilva, Anh Pham, and Michael Smith
  Abstract

  This paper use spatial econometric models to test for racial preferences in a small urban housing market. Identifying racial preferences is difficult when unobserved neighborhood amenities vary systematically with racial…more

  Download Working Paper No. 599 PDF (284.37 KB)
• Working Paper No. 598
  May 17, 2010

  The Economic and Financial Crises in CEE and CIS

  Fatma Gül Unal, Mirjana Dokmanovic, and Rafis Abazov
  Abstract

  This paper looks at the countries of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), where economies have been most dramatically hit by the global crisis…more

  Download Working Paper No. 598 PDF (363.85 KB)
• One-Pager No. 1
  May 17, 2010

  A Balancing Act

  Dimitri B. Papadimitriou
  Abstract

  Now that America’s financial institutions have been brought back from the brink, the greatest threat to global economic stability is the gigantic trade imbalance between the United States, China, and…more

  Download One-Pager No. 1 PDF (128.82 KB)
• Working Paper No. 597
  May 11, 2010

  Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?

  Jörg Bibow
  Abstract

  This paper sets out to investigate the forces and conditions that led to the emergence of global imbalances preceding the worldwide crisis of 2007–09, and both the likelihood and the…more

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• Public Policy Brief No. 111
  May 11, 2010

  Επιστροφή στην υστερία του ελλείμματος στις ΗΠΑ;

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Στο κείμενο αυτό, οι Yeva Nersisyan και ο L. Randall Wray υποστηρίζουν ότι τα ελλείμματα δεν επιβαρύνουν τις μελλοντικές γενεές με χρέη και δεν περιορίζουν τις ιδιωτικές δαπάνες. Οι συγγραφείς…more

  Download Κείμενο Δημόσιας Πολιτικής No. 111 PDF (869.24 KB)
• Public Policy Brief No. 111
  May 11, 2010

  Deficit Hysteria Redux?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations with debt, nor do they crowd out private spending. The authors…more

  Download Public Policy Brief No. 111, 2010 PDF (1,023.02 KB)
• Working Paper No. 596
  May 10, 2010

  Infinite-variance, Alpha-stable Shocks in Monetary SVAR

  Abstract

  The process of constructing impulse-response functions (IRFs) and forecast-error variance decompositions (FEVDs) for a structural vector autoregression (SVAR) usually involves a factorization of an estimate of the error-term variance-covariance matrix…more

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• Working Paper No. 595
  May 09, 2010

  The Recycling Problem in a Currency Union

  G. E. Krimpas
  Abstract

  The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or…more

  Download Working Paper No. 595 PDF (182.13 KB)
• Working Paper No. 594
  May 08, 2010

  Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy

  Claudio H. Dos Santos and Antonio C. Macedo e Silva
  Abstract

  This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible…more

  Download Working Paper No. 594 PDF (320.48 KB)
• Working Paper No. 593
  May 07, 2010

  A Contribution to the Theory of Financial Fragility and Crisis

  Amit Bhaduri
  Abstract

  The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to…more

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